Stephen Boldy, chief executive of Lansdowne, said: "The drilling of an appraisal well on the Barryroe oilfield is a major step towards the company's goal of delivering value from our Celtic Sea portfolio and we are delighted at the support investors have shown for Lansdowne's strategy."

Aberdeen based Seaenergy is buying £1.7 million of the new shares to take its holdings in Lansdowne to 24.68 per cent.

Steve Remp, chairman of Seaenergy, said: "We are pleased to be able to support the funding of Lansdowne's participation in the Barryroe appraisal well.

"I have high hopes the results from this appraisal well, coupled with the recently acquired 3D seismic in the region, will begin to unlock the full potential of the Celtic Sea Basin."